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The popular meme-inspired cryptocurrency Shiba Inu (SHIB) has been popping behind the scenes lately, with the volume of large transactions nearly tripling over the past 24 hours, according to data from IntoTheBlock.
As such, the key metric that reflects whale activity skyrocketed by 287%, with SHIB hitting a major milestone of 1.1 trillion tokens moved over the past day. In dollar terms, this surge represented an increase from $5.3 million to $14.55 million.
In total, there were 49 large transactions of at least $100,000 each. Calculating the average, it turns out that a single whale moved about 22.45 billion SHIB, or about $296,000. This means that yesterday's large transactions were, on average, three times larger than the norm.
The surge in activity appears to be bullish, as evidenced by the large holder netflow - an indicator that shows the change over time in the net flows of those holding at least 0.1% of the Shiba Inu token's outstanding supply.
During the period under review, this metric grew from 51.09 billion SHIB to 202.58 billion SHIB - an astounding 396.5% increase.
Combining two results and drawing a conclusion, one can say that the Shiba Inu whales accelerated in the past day, which may indicate that they found the current price point for SHIB to be a tasty one to start buying.
However, this can change as quickly as it started. The key remains to stay solvent longer than the market can be wrong with the price of SHIB.